Perp DEX volume share, live 24h notional ranked
TradingGMX
Trails$77.62M
- p99
- $100.40M
- rank
- #18
- samples
- 2,876
Kalshi
Leads$1.45B
- p99
- $1.56B
- rank
- #5
- samples
- 2,876
24h perp volume
GMXn/aKalshin/a
GMX vs Kalshi
GMX leads on 2 of 3 shared benchmarks, Kalshi on 1. GMX wins on Perp DEX asset breadth (8 vs 4), Perp DEX volume to open interest (3.04x vs 40.5x). Kalshi wins on Perp DEX volume share, live 24h notional ranked ($1.45B vs $77.62M). Data as of 2026-09-23 UTC.
GMX
Perp DEX on Arbitrum and Avalanche. Pool-based execution against GLP and GM vaults, oracle-priced trades with no orderbook.
Kalshi
CFTC-regulated US prediction market exchange. REST trade API (trade-api/v2) with documented per-tier rate limits; the market data WebSocket requires authentication.
Side by side measurements
Perp DEX asset breadth: non-crypto markets live, stocks + indices + forex + commodities
TradingGMX
Leads8
- p99
- 8
- rank
- #13
- samples
- 2,876
Kalshi
Trails4
- p99
- 4
- rank
- #14
- samples
- 2,876
Non-crypto markets
GMXn/aKalshin/a
Counts reflect each venue's live market catalog at query time, mainnet only. The asset class comes from the venue's own metadata where it publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against the crypto markets the other venues list and a fixed table of forex, commodity and index names. Tokenized gold (PAXG, XAUT) is a crypto token and is not counted. A market counts once whether it trades 24/7 or only during exchange hours.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingGMX
Leads3.04x
- p99
- 3.94x
- rank
- #17
- samples
- 2,876
Kalshi
Trails40.5x
- p99
- 43.6x
- rank
- #22
- samples
- 2,876
Volume / OI (24h)
GMXn/aKalshin/a
The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.
Frequently asked questions
GMX vs Kalshi: which one is better?
GMX and Kalshi are compared on 3 shared OpenChainBench benchmarks. GMX leads on Perp DEX asset breadth. Kalshi leads on Perp DEX volume share, live 24h notional ranked. See the live table on this page for every metric.
Which has the higher non-crypto markets, GMX or Kalshi?
On the Perp DEX asset breadth benchmark, GMX leads at 8 versus Kalshi at 4. Live measurement is updated continuously by the OpenChainBench harness.
Which has the higher 24h perp volume, GMX or Kalshi?
On the Perp DEX volume share, live 24h notional ranked benchmark, Kalshi leads at $1.45B versus GMX at $77.62M. Live measurement is updated continuously by the OpenChainBench harness.
How is the GMX vs Kalshi comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
Related comparisons
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.